If Billy Pierce Invests $1,000 at the End of Each

Multiple Choice

If Billy Pierce invests $1,000 at the end of each year for 8 years, and he wants it to grow to at least $10,000, what interest rate would be needed?
$\begin{array}{|r|r|r|r|r|r|r|}\hline\text { Future } \\\text { Value of an} \\\text { Annuity of }\\\$ 1\\\hline & 4 \% & 5 \% & 6 \% & 7 \% & 8 \% & 9 \% \\\hline 1 & 1.000 & 1.000 & 1.000 & 1.000 & 1.000 & 1.000 \\\hline 2 & 2.040 & 2.050 & 2.060 & 2.070 & 2.080 & 2.090 \\ \hline 3 & 3.122 & 3.153 & 3.184 & 3.215 & 3.246 & 3.278 \\\hline 4 & 4.246 & 4.310 & 4.379 & 4.440 & 4.506 & 4.573 \\\hline 5 & 5.416 & 5.526 & 5.637 & 5.751 & 5.867 & 5.985 \\\hline 6 & 6.631 & 6.802 & 6.976 & 7.153 & 7.336 & 7.523 \\\hline 7 & 7.898 & 8.142 & 8.394 & 8.654 & 8.929 & 9.200 \\\hline 8 & 9.214 & 9.549 & 9.897 & 10.26 & 10.64 & 11.03 \\\hline 9 & 10.58 & 11.03 & 11.49 & 11.98 & 12.49 & 13.02 \\\hline 10 & 12.01 & 12.58 & 13.18 & 13.82 & 14.49 & 15.19 \\\hline\end{array}$

A) 4%
B) 5%
C) 6%
D) 7%